Now, Bitkub has raised $17.8M from Thai game publisher Asphere Innovations, who snagged a 9.2% stake in return. Here’s what happened along the way.
⛵ Not-so-smooth sailling
In 2019, Bitkub received a license from Thailand’s Ministry of Finance to operate. Shortly after in 2021, they were announced a unicorn after local bank SCB was set to acquire 51% of the company for $500M.
But the acquisition fell through in 2022.
😲 2 fines in 2 months
According to the SEC, Bitkub's CTO Samret Wajanasathian bought $60,000 worth of a local token KUB, which doubled in value after the public announcement of the acquisition.
Just a month after this news broke, Thailand’s SEC fined Bitkub $636,000 for creating fake volume. This is an illicit tactic known as wash trading, in which false trades are conducted to falsely inflate the popularity of an asset.
💴 What’s with the $$$?
Bitkub aims to use this extra capital to expand their digital asset services in Thailand. During the 2022 crypto winter, they reported $80M in revenue, a 48% decrease from the previous year and an 86% decline in profits.
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